31 December 2014, Road Town, Tortola, BVI
Eastern Property Holdings ("EPH" or the "Company") would like to announce that it has acquired ownership of the A-Class office complex Hermitage Plaza located in Tverskoy central district of Moscow, in the center of Moscow's business life. The cash payment for the acquisition of the property amounts to US$ 195 million, subject to possible post-completion adjustments.
Hermitage Plaza is a multi-storey A-Class business center fronting on Garden Ring, one of Moscow's most important transport routes, and located in proximity to the Kremlin area and close to Mayakovskaya and Novoslobodskaya metro stations. The business center was fully renovated and opened in 2006. Hermitage Plaza with a total leasable area of above 30,000 sqm is fully rented out to mainly one tenant, Russian Telecommunication Company Vimpelcom.
Following the strategy of EPH to acquire income producing properties located in Moscow's business centers and considering the above mentioned investment parameters such as excellent location, high quality of the building, extremely low vacancy rate and reputable anchor tenant, the acquisition of Hermitage Plaza further strengthens the Company's portfolio.
Eastern Property Holdings Ltd. is an SIX Swiss Exchange-listed real estate development and investment company focusing on Russia. The company holds interests in office, residential, retail and parking properties and developments, principally in Moscow and St. Petersburg. EPH is managed by Valartis International Ltd. a wholly-owned subsidiary of Valartis Group AG.
Additional information on Eastern Property Holdings is available by contacting Anna Bernhart Tel: +41 43 336 8111.
